Data Analytics in Construction Summit | 27th - 28th October 2021 | AT & T Conference Center at the University of Texas, Austin, Texas

OVERVIEW

Many E&C firms attempt to incorporate new technologies into their daily activities, but most of their efforts to digitize still tend to fall short. Why? That’s because a construction project typically involves multiple independent subcontractors and suppliers, which have little incentive to embrace new methods for one-off projects, so it’s often a struggle to implement tools they can apply repeatedly. This leads to the E&C sector consistently being one of the world’s least digitized and progressive.

Premature technological implementations only lead to further costs and burdens, and 35% of costs in E&C already comprise of waste material and remedial work! Firms, however, can buck this trend of bad investments if they seriously consider Big Data strategies. According to KPMG’s Future-Ready Index, the two technologies with the highest adoption rates amongst the top 20% E&C companies are BIM (86%) and basic data analytics (83%). These firms are leveraging valuable insights extracted from raw digital data to become true innovators in the industry, seeing their project costs and timelines being reduced significantly.

Rather than simply choose technology to help in the short term, the most effective step for E&C firms to take is to shore up their most vital processes first – the retrieval, collection, and analysis of information. For this sector to prove that it is capable of achieving true digital transformation, company executives and project managers must start with a clear definition of how digital can create value for the business and then introduce specific solutions to solve fundamental problems from the ground up.

ASSOCIATE SPONSOR

Genda is building the first digital construction manager. We leverage field data and use AI to automate construction management and make sure projects meet their milestones. We automatically collect field labor data with our IOT network which requires no preparation or maintenance. This data is combined with other common sources to map the construction process, identify bottlenecks and streamline day-to-day operations so field managers can focus on what they should do instead of what they could do.

Research shows 35% of construction professionals’ time is spent (over 14 hours per week) on non-productive tasks (mostly figuring out the current status); in 2018 , these tasks cost the industry more than $175B. Genda knows where and when any activities happen on-site, putting construction managers in the right place at the right time.